1630 IITians Together Can Create an Economic Value of Rs.16, 000 crores!

This is a piece from the speech of Pawan Goenka, the Head of Automotive & Farm Equipment sector of M&M, as was addressing students who graduated from IIT Madras this year-

Knowledge and talent to create accessible technology will lead to shared value resulting in affordable, sustainable, and inclusive growth, said Goenka, the Executive Director and President of Automotive & Farm Equipment Sectors from Mahindra & Mahindra. He recently has been appointed the Chairman of Board of Governors at the Indian Institute of Technology Madras (IIT-M).

In his address at the IIT Madras convocation today, Goenka said- “Use your knowledge and talent to create accessible technology will lead to shared value resulting in affordable, sustainable, and inclusive growth. This will enrich both you (addressing the students) and your country and perhaps the World too”.

On last Friday, 1630 students graduated from IIT Madras, which is one of the oldest IITs in the country.

Goenka said, “I were to extrapolate the contributions of past IITians across the world to today’s graduating class. The 1630 of you have the potential to create Rs.16, 000 crore of economic value across government, various industry, and entrepreneurship by 2060 and create employment of 1.6 lakh jobs and atleast 20 of them will be on the Board of India’s top 500 companies also”.

IIT alumni have made significant contributions to the world, both in economic and social terms, exclaimed Goenka.

His advice to the students was, “Many of you will veer off into other work streams that are not related to engineering, technology or research. Despite that even while pursuing MBAs or working for consulting firms and banks please keep a keen eye on how your actions and your inactions can and will affect the lives of others- being an IITian means that more likely that not you will be in a position of influence and wielding that influence towards community driven actions is your greatest opportunity in the new world you are stepping into today”.

He made a note that the way of doing business across the world has changed. 2008 debacle on Wall Street has forever changed the way business is perceived and in the foreseeable future, the businesses that succeed will not be businesses that relentlessly pursue their own profit. Successful businesses of the 21st century will be those that create shared value for themselves and for the communities in which they operate. These successful businesses will be those that help people Rise.

“Put equal focus on accessible technologies. It is what will differentiate you, the IITians, from the rest,” put Goenka. He narrated that accessible technology is nothing but accessible to the masses and not that is affordable only to the privileged few until decades later when it cascades down to the masses. And, there are many examples from IIT Madras itself of accessible technologies.

He also noted as aan example that, Arsenic and Metal Removal of Indian Technology (called AMRIT) is a drinking water purifier that leverages nano filter technology and works without power. The filters are already deployed in arsenic affected regions of West Bengal.

There are low cost house construction solutions that cost 33 % less and take around 1/4th the time to build. Thanks to the Glass Fiber Reinforced Gypsum panel technology. Here, there is a less dependence on cement, sand, steel, and water, thus making the technology environment friendly as well.

Glaucoma, cataract, and diabetic retinopathy are common causes of blindness. And to think, the ‘3nethra’ eye- screening device is again an IIT Madras innovation! This is for early detection and boats of 200 plus installations across 80 countries.

In the end, Goeka said, “So it is time for you to unleash the force of accessible technology, as the need is there, the opportunity is there, and the impetus to commercialise is there as well. India is like a sleeping giant. Here you have an opportunity to awaken the sleeping giant. And, on your own or with the help of business, you can create economic value and lucrative returns for yourself and change the lives of others”.